OmniLit Acquisition (NASDAQ:OLIT) stock is rocketing higher on Thursday after announcing the results of its annual shareholder meeting.
That annual shareholder meeting resulted in investors in the company voting on several matters that are important to its future. Among these are its plans to merge with Syntec Optics as part of a special purpose acquisition company (SPAC) merger.
Let’s go over the results of that shareholder meeting below!
OLIT Stock Jumps On Shareholder Meeting
- The first big news from the event is OLIT stockholders approving the company’s merger plan with Syntec Optics.
- They also approved a certificate of incorporation for OmniLit Acquisition should the merger be completed.
- Investors in the company also approved the issuing of additional OLIT shares as part of the SPAC merger plan in order to comply with Nasdaq listing standards.
- Additionally, investors approved the OmniLit Combination 2023 Equity Incentive Plan that would be required for Nasdaq listing.
- The shareholder meeting also saw OLIT stock investors vote in favor of a Syntec Optics 2023 Employee Stock Purchase Plan.
- They also approved a proposal to elect seven directors to New Syntec Optics once the merger is complete.
- The final proposal simply allowed the company to delay its annual shareholder meeting should the need arise.
With this news comes heavy trading of OLIT stock as some 260,000 units traded hands this morning. That’s already well above its daily average trading volume of about 12,000 shares.
OLIT stock is up 60.8% as of Thursday morning.
Investors looking for more of the most recent stock market news will want to keep reading!
We’re offering up all of the latest stock stories worth reading about on Thursday! That includes the biggest pre-market stock movers this morning, the latest news concerning Advanced Micro Devices (NASDAQ:AMD) stock and more. All of that news is ready to go down below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
